What exactly are you buying?
What are the assets? Any employees?
If you can give me further details I can help you.
There are some things to consider/establish:
-the seller has good title to the assets being sold. You will need to see contracts, receipts and confirmation fully paid for.
- no outstanding HP/finance on on the assets. If there is, can the HP/finance be transferred.
- The contract needs to transfer the business name and the rights to use it, if you intend to use the seller's name.
- The contract needs to transfer the goodwill and contain a non competition clause (prohibit the seller from competing with you in specific locations and for a specified period of time during).
- As the assets are owned by a Ltd company the contract needs to provide for who will be liable if you need to sue for breach of contract, I.e a director. If the Ltd company is wound up you will not be able to claim against the company for breach of contract.
- The contract should contains warranties on the part of the seller (director) in respect of the above points. If the seller breaches any of the warranties you can sue for breach of warranty.
- Contract must state that you are acquiring the assets only, no debts, no employees.
- All assets must be listed on an inventory and attached to the contract.
Although you are only paying 31k it is always recommended to use a solicitor, just to make sure something is not missed.
Do you have any further questions or queries. Happy to assist you further.
Possibly, you could then discuss the contract, the deal and what needs to be put into the contract.
How much us this service if I may ask?
I have taken a look at the specimen and it looks very generic. It has terms like corporation and federal which are not usually used in English Law documents.
24.50 is v cheap. Depending on where you live you may find a solicitor who would act for a reasonable fee. It depends if you want to take the risk and use a generic document which may or may not work. At least with a solicitor it should be done correctly, if not you sue them. If you get it wrong it's your 31k on the line.
In my view, use a solicitor. It will cost but it's the safest option.